[Part IIB Companies Exploiting Intellectual Property With Limited UK Connection]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[Part IIB Companies Exploiting Intellectual Property With Limited UK Connection]

[Introductory

12H

(1)     For the purposes of section 748(1)(bb), a company (“C”) is exempt for an accounting period if the requirements of this Part of this Schedule are satisfied.

(2)     The requirements are those imposed as to C's—

(a)     business establishment (see paragraph 12I),

(b)     intellectual property business (see paragraph 12J),

(c)     other business activities (see paragraph 12K),

(d)     UK connection (see paragraph 12L), and

(e)     finance income (see paragraph 12M).

Business establishment

12I

(1)     The requirement of this paragraph is that throughout the accounting period C has a business establishment in the territory in which it is resident.

(2)     For the purposes of sub-paragraph (1)—

(a)     paragraph 5(2) to (5) (special rules about residence of the company) applies as it applies for the purposes of Part 2 of this Schedule, and

(b)     paragraph 7 (meaning of “business establishment”) applies as it applies for the purposes of paragraph 6(1)(a).

Intellectual property business

12J

(1)     The requirement of this paragraph is that C's main business, throughout the accounting period, consists of the exploitation of intellectual property which does not have a relevant UK connection.

(2)

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